South Korea’s trade commission said Thursday it has decided to levy anti-dumping tariffs on imported Chinese plywood as the importers were underselling their products.

The decision by the Korea Trade Commission will impose punitive duties of 2.42 percent to 27.1 percent on Chinese plywood sold here, it said. Whether to actually impose anti-dumping duties will be decided by the finance ministry.

The local market for the material reached about 870 billion won ($775 million) last year with Chinese manufacturers supplying about 38 percent of the total, according to the trade commission.

“With the decision, local plywood producers will be able to recover their profitability,” KTC said in a released statement. (Yonhap News)